Marco Polo Blockchain Platform Launches First Deal between Russia and Germany

On the Marco Polo blockchain platform for trade finance, the first trade transaction between Russia and Germany was successfully completed.

Alfa-Bank and the Novolipetsk Iron and Steel Works from Russia, as well as Commerzbank and the metallurgical company Vesuvius GmbH from Germany, took part in the pilot transaction. At the same time, the companies that took part in the transaction are not using the blockchain for the first time.

“We launched our first blockchain project for trade finance back in 2017. Since then, corporate blockchain solutions have evolved significantly, won the trust of our customers and proved their applicability to real business processes, ”said Dina Merkulova, head of trade finance at Alfa Bank.

Head of Trade Finance at Commerzbank, Enno-Burghard Weitzel, noted:

“Our international corporations are interested in testing the Marco Polo blockchain platform with us and the banks of our global network, such as Alfa Bank. The Marco Polo network meets the growing needs of our customers in increasing transaction speed and transparency, optimized financing, improved working capital management and the possible integration of ERP systems. ”

In September, Bank of America joined the Marco Polo blockchain platform, and previously, Mastercard did it. In addition, in April, the Japanese bank SMBC announced that it would engage in trade finance on the platform, and in May Banco Bradesco and Raiffeisen Bank joined Marco Polo. In August, the first real transactions were conducted on the platform.

Read This Now: Square breaks its bitcoin sales record in Q1 2020